. >> tonight president obama heads back to washington from his hawaii vacation. in his weekly radio address he said he's willing to consider more spending cuts and tax increases to reduce the federal deficit as he prepares to battle with congress over the national debt ceiling. but he repeated his insistence that congress must raise the debt limit to pay for the debt they already created. when lawmakers threatened inaction on that last year, the nation's credit rating was downgraded. >> as i said earlier this week, one thing i i will not compromise over is whether or not congress should pay for the bill they have already racked up. if congress refuses to give the united states the ability to pay their bills on time the consequences for the entire global economy could be catastrophic. last time they threatened this action our entire economy suffered for t our families and our businesses can't afford that dangerous game again. >>> the republican response by michigan congressman dave camp said it's time to identify responsible ways to tackle washington's wasteful sp